Core Insights - PowerBank Corporation has announced the progression of its 3.16 MW Honesdale ground-mount solar project in Pennsylvania, which is expected to power 370 homes [1][2] - The project aligns with PowerBank's strategic focus on community solar, aiming to provide clean and affordable energy to a diverse range of residents [2][4] - The development is contingent upon the approval of House Bill 1842, which facilitates community solar projects in Pennsylvania [3][4] Company Overview - PowerBank Corporation is an independent renewable energy project developer focusing on distributed and community solar projects in North America [6] - The company has completed over 100 MW of projects and has a development pipeline exceeding 1 GW [4][6] - PowerBank aims to maximize returns through a diverse portfolio of projects, including utility-scale and community solar initiatives [6] Legislative Context - House Bill 1842, passed by the Pennsylvania House, enables the development of community solar projects, which is crucial for PowerBank's expansion in the region [3] - The bill is currently under review by the Senate, and its final approval is necessary for the project's advancement [3] Market Position - PowerBank's expertise and strategic partnerships position it to deliver reliable renewable energy solutions [4] - The company is focused on maximizing the impact of its projects through institutional-grade development capabilities [4]

Project to Power Equivalent of 670 HomesTORONTO, Aug. 26, 2025 /PRNewswire/ - PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company"), a North American energy infrastructure developer and asset owner, is pleased to announce that its 5.7 MW North Main St ground-mount solar project (the "Project"), located in upstate New York, has completed its Coordinated Electric System Interconnection Review (CESIR), and now can proceed to the next important milestone: permitting the ...

"We are proud to support Nova Scotia's goals in developing renewable energy in the province. This funding from Net Zero Atlantic will go far towards the development of long-lasting solar projects that bring clean energy and energy savings to Nova Scotia." said Dr. Richard Lu, President and CEO of PowerBank. "With over a decade of proven experience in solar development and operations—including community solar, commercial and industrial installations, and other government-led initiatives—PowerBank brings the ...

TORONTO, July 29, 2025 /PRNewswire/ - PowerBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: 103), a leader in distributed solar energy, battery storage, and clean energy infrastructure across North America, is excited to announce that its largest owned-and-operated asset in the U.S.—the 3.79 MW Geddes Solar Power Project in New York State—is now fully operational. More than a milestone in renewable energy, this project marks the official launch of PowerBank's Bitcoin treasury strategy. "This is a pivotal ...

Core Viewpoint - SolarBank Corporation is changing its name to PowerBank Corporation to better reflect its strategic focus on providing power solutions that extend beyond solar energy, aligning with the growing digital economy [1] Group 1: Name Change Details - The name change will take effect on July 28, 2025, with common shares trading under the new name from that date [2] - The name change does not involve a consolidation of share capital, and shareholders will not need to exchange existing share certificates [3] - The name change was approved by shareholders at a special meeting on July 23, 2025 [4] Group 2: Company Overview - PowerBank Corporation focuses on renewable and clean energy project development, particularly in distributed and community solar projects across Canada and the USA [5] - The company has a development pipeline exceeding one gigawatt and has completed renewable energy projects with a total capacity of over 100 megawatts [5]

Project to Power Equivalent of 221 Homes Annually Over $1.36 Millions in Combined Customer Savings over 25 Year Term TORONTO, June 16, 2025 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company"), a North American energy infrastructure developer and asset owner, announces the continued execution of its community solar development pipeline with an update on its plans to develop a ground-mount solar power project known as the Sydney project (the "Project") ...

Core Viewpoint - SolarBank Corporation is renewing its at-the-market equity program to raise up to US$15 million for business objectives and general corporate purposes following the expiration of its previous prospectus [1][2]. Group 1: ATM Program Details - The ATM Program allows the company to issue common shares with an aggregate offering price of up to US$15 million, which will be sold at prevailing market prices through designated agents [2][3]. - The company is not obligated to sell any shares under the ATM Program, and the timing and number of shares sold will depend on various factors [1][3]. Group 2: Use of Proceeds - The net proceeds from any sales under the ATM Program will be used for advancing business objectives, funding ongoing operations, repaying debt, discretionary capital programs, and potential future acquisitions [2]. Group 3: Distribution Agreement - The company has entered into a distribution agreement with H.C. Wainwright & Co., LLC and Research Capital Corporation, which includes a commission of up to 3.0% on gross offering proceeds from each sale [4]. - The distribution will occur in compliance with Canadian and U.S. securities regulations [5]. Group 4: Company Overview - SolarBank Corporation focuses on renewable and clean energy project development, particularly in distributed and community solar projects across Canada and the USA [8]. - The company has a development pipeline exceeding one gigawatt and has completed projects with a combined capacity of over 100 megawatts [8].

Core Insights - SolarBank Corporation is implementing a Bitcoin treasury strategy by allocating net cash from its Geddes Solar Power Project to acquire Bitcoin, positioning itself as a pioneer in the renewable energy sector adopting this strategy [1][4][7] - The Geddes Project has a designed capacity of 3.79 megawatts (MW) DC and is repurposing a closed landfill, addressing clean energy needs and transforming contaminated sites [3][8] - The company has a development pipeline exceeding 1 gigawatt, indicating significant growth potential beyond its current operational capacity of over 32 MW [3][10] Company Strategy - The Bitcoin treasury strategy will be evaluated for extension to other solar and battery energy storage projects, enhancing the company's asset base as an independent power producer [2] - The allocation strategy for Bitcoin purchases will depend on net cash generated after operational costs and market conditions, with no Bitcoin purchases made as of the announcement date [5][8] Market Position - SolarBank is among the first renewable energy companies to adopt a Bitcoin treasury strategy, joining other corporations in this innovative approach [7] - The company is capitalizing on growing institutional adoption of Bitcoin and increasing demand for distributed solar and battery storage solutions [9] Financial Model - The Geddes Project is expected to generate revenue starting in June 2025, with a portion of net revenue allocated to Bitcoin purchases based on market conditions [3][8] - This model creates dual value streams: stable energy revenue and digital asset holdings, enhancing the company's financial resilience [8]

Core Viewpoint - SolarBank Corporation is adopting a treasury strategy that integrates Bitcoin as a strategic reserve asset, inspired by successful models from other companies, aiming to leverage the growing adoption of Bitcoin while maintaining its primary focus on renewable energy development [1][2]. Company Strategy - The company has filed an application with Coinbase Prime for secure custody and management of its Bitcoin holdings, which is expected to provide financial resilience against currency debasement and inflation [1][3]. - SolarBank's primary business remains as a renewable energy developer and power producer, with a significant pipeline of over 1 GW in development across North America [2]. Financial Partnerships and Projects - SolarBank has established a $100 million community solar financing partnership with CIM Group, targeting 97 MW of renewable power projects in the USA [4]. - The company has also engaged in a $49.5 million transaction with Qcells to deploy community solar power plants using "Made-in-USA" solar panels [4]. - Additionally, a $41 million clean energy partnership with Honeywell aims to repurpose closed landfill sites for community solar farms [4]. - A $25 million credit facility from Royal Bank of Canada is intended to support SolarBank's battery energy storage system (BESS) project portfolio [4]. Market Position and Growth - SolarBank is positioned as a first-mover in blending clean energy with decentralized finance (DeFi) and Web3, appealing to tech-savvy investors and capitalizing on the growth of the renewable energy sector [4]. - The company generates recurring revenue through long-term Power Purchase Agreements (PPAs) with utilities and partners, enhancing its financial stability [2].

[Financial Statements](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements) [Statement of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of March 31, 2025, total assets surged to C$194.0 million, primarily due to acquisitions, while liabilities and equity also significantly increased - Significant increases in non-current assets were observed in **Property, Plant & Equipment (C$34.8 million vs C$3.5 million)**, **Development Assets (C$32.9 million vs C$8.9 million)**, **Goodwill (C$37.6 million vs C$0.4 million)**, and **Intangible Assets (C$34.5 million vs C$2.0 million)**, largely due to acquisitions[3](index=3&type=chunk) Consolidated Statement of Financial Position (C$) | | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$193,972,608** | **$39,225,861** | | Current Assets | $45,277,012 | $17,629,849 | | Non-current Assets | $148,695,596 | $21,596,012 | | **Total Liabilities** | **$127,222,702** | **$20,501,560** | | Current Liabilities | $40,070,938 | $13,388,850 | | Non-current Liabilities | $87,151,764 | $7,112,710 | | **Total Equity** | **$66,749,906** | **$18,724,301** | [Statement of (Loss) Income and Comprehensive (Loss) Income](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20%28Loss%29%20Income%20and%20Comprehensive%20%28Loss%29%20Income) The company reported a net loss of C$9.0 million for the nine months ended March 31, 2025, driven by a 42% revenue drop and increased expenses - Revenue from EPC services, the largest contributor, decreased significantly to **C$20.3 million** from **C$47.5 million** year-over-year, while IPP production revenue grew to **C$6.6 million** from **C$0.26 million**[5](index=5&type=chunk) Financial Performance for the Nine Months Ended March 31 (C$) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $29,105,028 | $50,400,013 | -42.2% | | Gross Profit | $5,799,820 | $10,269,052 | -43.5% | | Total Operating Expenses | $(12,614,867) | $(8,125,069) | +55.3% | | Net (Loss) Income | $(9,029,169) | $5,522,702 | -263.5% | | Basic (Loss) Income Per Share | $(0.29) | $0.20 | -245.0% | | Diluted (Loss) Income Per Share | $(0.29) | $0.15 | -293.3% | [Statement of Changes in Shareholders' Equity](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased to C$66.7 million, primarily due to C$28.6 million in share issuances for acquisitions and C$6.6 million from offerings Reconciliation of Total Equity (Nine months ended Mar 31, 2025) | Description | Amount (C$) | | :--- | :--- | | **Balance at June 30, 2024** | **$18,724,301** | | Net Loss | $(9,029,169) | | Other Comprehensive Income | $508,664 | | Shares issued for SFF Acquisition | $44,455,267 | | Shelf Prospectus Shares Issued | $6,615,200 | | Other Share-related Transactions | $4,475,643 | | **Balance at March 31, 2025** | **$66,749,906** | [Statement of Cash Flows](index=8&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities resulted in a C$2.1 million net cash outflow, offset by C$21.2 million from financing, leading to a C$18.8 million cash increase Cash Flow Summary (Nine months ended Mar 31, C$) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $(2,088,001) | $10,919,336 | | Net Cash from Investing Activities | $(333,706) | $(5,078,827) | | Net Cash from Financing Activities | $21,218,282 | $(310,121) | | **Increase in Cash** | **$18,796,575** | **$5,341,685** | | **Cash, Ending** | **$23,929,445** | **$6,091,112** | [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Nature of Operations and Corporate Developments](index=10&type=section&id=1.%20Nature%20of%20operation%3A) SolarBank Corporation develops and operates solar projects in Canada and the US, with shares trading on Cboe Canada and Nasdaq Global Market - The company develops and operates solar photovoltaic power generation projects in **Canada (Ontario)** and the **United States (New York)**[11](index=11&type=chunk) - Common shares commenced trading on the **Nasdaq Global Market** under the symbol **'SUUN'** on April 8, 2024[13](index=13&type=chunk) [Basis of Presentation and Consolidation](index=10&type=section&id=2.%20Basis%20of%20presentation) Financial statements are prepared under IAS 34, consolidating new subsidiaries from the Solar Flow-Through Funds Ltd. acquisition, with functional currencies based on entity location - Financial statements are prepared in accordance with **IAS 34, Interim Financial Reporting**[14](index=14&type=chunk) - A significant number of new subsidiaries, primarily in Canada, were added during the period as part of the **Solar Flow-Through Funds Ltd. transaction**[23](index=23&type=chunk) [Development Assets](index=17&type=section&id=10.%20Development%20assets) Development assets surged to C$32.9 million, primarily due to C$22.6 million in BESS and C$0.5 million in EV charge systems from the SFF acquisition - Additions of **Battery energy storage systems** and **EV charge point systems** were related to the business acquisition of **Solar Flow-Through Funds Ltd.**[39](index=39&type=chunk)[40](index=40&type=chunk) Development Assets Breakdown (C$) | Asset Type | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | | IPP facilities | $9,791,246 | $8,909,371 | | Battery energy storage systems | $22,602,603 | $ - | | EV charge point systems | $541,666 | $ - | | **Total** | **$32,935,515** | **$8,909,371** | [Loan Payables](index=21&type=section&id=14.%20Loan%20payables) Loan payables totaled C$4.7 million, including a Geddes construction loan, a new USD$1.0 million line of credit, and a C$3.0 million subsidiary loan - The Geddes Construction Loan is for up to **USD$2.6 million**, secured by Geddes Project assets valued at **C$9.8 million**[51](index=51&type=chunk)[54](index=54&type=chunk) - A subsidiary obtained a new line of credit for **USD$1.0 million** in December 2024[55](index=55&type=chunk) - Subsidiary Solar High Yield Project 1 Ltd. entered into a **C$3.0 million** loan agreement with an **11% annual interest rate**, maturing in November 2025[56](index=56&type=chunk) [Intangible Assets](index=21&type=section&id=15.%20Intangible%20assets) Intangible assets increased to C$34.5 million, primarily from C$29.3 million in FIT and C$4.9 million in BESS contracts due to the SFF acquisition - The addition of **FIT** and **BESS contracts** is related to the business acquisition of **SFF**[58](index=58&type=chunk) Intangible Assets (C$) | Asset Type | Net Book Value (Mar 31, 2025) | Net Book Value (Jun 30, 2024) | | :--- | :--- | :--- | | FIT contracts | $29,534,574 | $2,001,447 | | BESS contracts | $4,925,500 | $ - | | **Total** | **$34,460,074** | **$2,001,447** | [Long-Term Debt](index=23&type=section&id=16.%20Long-term%20debt) Long-term debt surged to C$63.8 million, primarily due to C$52.7 million in assumed loans from SFF and OFIT acquisitions, plus a new C$10.1 million RBC credit agreement - The company assumed **51 term loans** from the **SFF acquisition** and **2 loans** from the **OFIT GM and OFIT RT acquisition**[62](index=62&type=chunk)[66](index=66&type=chunk) - The company entered into a credit agreement with **RBC**, obtaining an advancement of **C$10.1 million** for the construction of **BESS projects** in Ontario[68](index=68&type=chunk) Long-Term Debt Breakdown (C$) | Component | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | | HASCAP Loan | $675,926 | $759,259 | | Long-term loans (Acquired) | $53,042,265 | $4,068,139 | | Credit agreement (RBC) | $10,090,819 | $ - | | **Total** | **$63,809,010** | **$4,827,398** | [Acquisitions](index=25&type=section&id=18.%20Acquisitions) On July 8, 2024, the company acquired Solar Flow-Through Funds Ltd. for up to C$41.8 million, resulting in C$37.1 million goodwill and contributing C$5.0 million revenue - The company acquired all common shares of **SFF** on **July 8, 2024**, through a plan of arrangement[73](index=73&type=chunk)[75](index=75&type=chunk) - Consideration included an upfront payment of **3.6 million SolarBank shares** and **contingent value rights (CVRs)** for up to **2.3 million additional shares**[74](index=74&type=chunk) Preliminary SFF Purchase Price Allocation (C$) | Item | Value | | :--- | :--- | | Total fair value of consideration | $42,710,670 | | Subtotal identifiable net assets | $21,377,669 | | **Goodwill arising on acquisition** | **$37,147,456** | [Financial Instruments and Risk Management](index=27&type=section&id=19.%20Financial%20instruments) The company manages credit, currency, concentration, liquidity, and interest rate risks, with significant customer concentration and C$101.4 million in contractual obligations - For the nine months ended March 31, 2025, **one customer (Customer A)** accounted for **43% of total revenue**, compared to **two customers (E and F)** accounting for **81%** in the prior year[88](index=88&type=chunk) - The company uses **interest rate swaps** to hedge floating rate term loans into fixed-rate arrangements[81](index=81&type=chunk)[90](index=90&type=chunk) Contractual Obligations as at March 31, 2025 (C$) | Obligation | Total | Less than one year | | :--- | :--- | :--- | | Long-Term Debt | $63,809,010 | $5,248,436 | | Operating Lease | $10,552,219 | $987,454 | | Loan payable | $4,738,794 | $4,738,794 | | Accounts Payable | $20,761,894 | $20,761,894 | | **Total** | **$101,372,078** | **$32,377,184** | [Share Capital](index=29&type=section&id=20.%20Share%20Capital) Common shares outstanding increased to 34.9 million, driven by issuances for the SFF acquisition, a registered direct offering, and an ATM program - Issued **3.6 million common shares** for the **SFF acquisition** on July 8, 2024[94](index=94&type=chunk) - Sold **2.4 million common shares** in a registered direct offering at **$5.08 per share** for gross proceeds of **$12.2 million**[94](index=94&type=chunk) - Sold **1.2 million common shares** through at-the-market offerings for gross proceeds of **$3.0 million**[94](index=94&type=chunk) Warrants Outstanding | | Mar 31, 2025 | Mar 31, 2024 | | :--- | :--- | :--- | | Warrants Outstanding | 10,212,085 | 7,928,000 | [Non-Controlling Interest (NCI)](index=33&type=section&id=21.%20Non-Controlling%20Interest) Non-controlling interests (NCI) totaled C$15.0 million, primarily from SFF acquisition subsidiaries, with a C$3.0 million net loss allocated to NCI NCI Summary (C$) | Metric | As at Mar 31, 2025 | | :--- | :--- | | Total Net Assets of Subsidiaries with NCI | $27,570,209 | | **Carrying Amount of NCI** | **$14,964,443** | | Net Loss Allocated to NCI (9 months) | $(2,980,037) | [Segment Information](index=36&type=section&id=24.%20Segment%20Information) Post-SFF acquisition, segments are Development & EPC (C$22.5M revenue), IPP Production (C$6.6M revenue), and Corporate; US is top revenue source, Canada holds most non-current assets - Effective December 31, 2024, reportable segments are: **Development and EPC**, **IPP Production**, and **Corporate and other activities**[110](index=110&type=chunk) Revenue by Segment (Nine months ended Mar 31, 2025, C$) | Segment | External Revenue | Gross Profit | | :--- | :--- | :--- | | Development & EPC | $22,491,700 | $5,431,548 | | IPP Production | $6,575,712 | $547,236 | | Corporate and other | $37,616 | $(178,964) | | **Total** | **$29,105,028** | **$5,799,820** | Geographic Information (C$) | Geography | Revenue (9M 2025) | Non-Current Assets (Mar 31, 2025) | | :--- | :--- | :--- | | Canada | $9,919,553 | $138,085,855 | | United States | $19,185,475 | $10,609,741 | [Goodwill](index=40&type=section&id=27.%20Goodwill) Goodwill increased to C$37.6 million, primarily driven by C$37.1 million from the Solar Flow-Through Funds Ltd. acquisition Goodwill Balance by Acquisition (C$) | Entity | Goodwill Balance | | :--- | :--- | | OFIT GM | $289,202 | | OFIT RT | $149,555 | | Solar Flow-Through Funds Ltd | $37,147,456 | | **Total** | **$37,586,213** |